140 Summer Partners LP Makes New Investment in Optimum Communications, Inc. $OPTU

Key Points

• 140 Summer Partners LP acquired a new stake of 3,159,576 shares of Optimum Communications valued at about $7.6 million, representing roughly 0.67% ownership and making it the firm's 19th-largest position.
• Optimum missed quarterly EPS (reported -$0.15 vs. -$0.01 expected) with revenue down 2.3% YoY; analysts forecast -$0.24 EPS for the year and the stock's average analyst rating is "Reduce" with a $2.19 price target.
• Insider activity: General Counsel Michael Olsen sold 250,000 shares at $1.60 (a 14.32% reduction in his holdings), while the stock trades around $1.41 (1-year low $1.35) and carries a market cap of about $663 million.

140 Summer Partners LP acquired a new stake in Optimum Communications, Inc. (NYSE:OPTU - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,159,576 shares of the company's stock, valued at approximately $7,615,000. Optimum Communications comprises about 0.7% of 140 Summer Partners LP's investment portfolio, making the stock its 19th biggest position. 140 Summer Partners LP owned approximately 0.67% of Optimum Communications as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Virtu Financial LLC acquired a new position in Optimum Communications in the third quarter valued at $81,000. California State Teachers Retirement System raised its position in shares of Optimum Communications by 24.8% in the 3rd quarter. California State Teachers Retirement System now owns 243,553 shares of the company's stock worth $587,000 after acquiring an additional 48,470 shares in the last quarter. Squarepoint Ops LLC lifted its stake in shares of Optimum Communications by 678.6% in the 3rd quarter. Squarepoint Ops LLC now owns 229,807 shares of the company's stock valued at $554,000 after purchasing an additional 200,293 shares during the period. Silver Rock Financial LP lifted its stake in shares of Optimum Communications by 20.0% in the 3rd quarter. Silver Rock Financial LP now owns 1,200,000 shares of the company's stock valued at $2,892,000 after purchasing an additional 200,000 shares during the period. Finally, UBS Group AG boosted its position in shares of Optimum Communications by 110.3% during the 3rd quarter. UBS Group AG now owns 879,674 shares of the company's stock valued at $2,120,000 after purchasing an additional 461,347 shares in the last quarter. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications Price Performance

NYSE OPTU opened at $1.41 on Friday. Optimum Communications, Inc. has a 1 year low of $1.35 and a 1 year high of $2.98. The firm has a market cap of $663.35 million, a price-to-earnings ratio of -0.35 and a beta of 1.51. The company has a fifty day moving average price of $1.63 and a 200-day moving average price of $1.96.

Optimum Communications (NYSE:OPTU - Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). During the same period last year, the firm earned ($0.12) earnings per share. The company's quarterly revenue was down 2.3% on a year-over-year basis. On average, research analysts anticipate that Optimum Communications, Inc. will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling at Optimum Communications

In other news, General Counsel Michael Olsen sold 250,000 shares of Optimum Communications stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total value of $400,000.00. Following the completion of the transaction, the general counsel owned 1,496,277 shares in the company, valued at $2,394,043.20. This trade represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 44.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have issued reports on OPTU. Zacks Research raised Optimum Communications from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 17th. Evercore set a $2.00 price objective on shares of Optimum Communications in a research note on Friday, February 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Benchmark lowered shares of Optimum Communications from a "buy" rating to a "hold" rating in a research note on Tuesday, February 10th. Finally, Citigroup cut shares of Optimum Communications from a "buy" rating to a "neutral" rating in a report on Sunday, February 15th. Five analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Optimum Communications presently has an average rating of "Reduce" and an average price target of $2.19.

About Optimum Communications

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to approximately five million residential and business customers. The company's video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.

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